CAPITALISM, SCIENCE AND THE GIFT ECONOMY
We live in a country that is blessed with abundant natural resources. Thanks to the hard work, creative leadership and selfless sacrifice of countless people, we have the luxury to learn, study and experiment here at Duke! In this week's readings, we look at Capitalism not through the eyes of copious consumption, but through the lens of investment in ways that have allowed value to increase.
The readings and links support the view that it has been the disproportionate investment in science, technology and the infrastructure of civilization that has brought us to the current moment.
Science itself has been tremendously fruitful. I would like to suggest that the growth of the human population to over 7 billion is a testimony to our success in reinvesting for value. Humans value life.
As an economic model, capitalism when coupled with investment has been exceedingly beneficial. This section will look at what parts of our past practices have contributed to our well-being today, and which ones are currently working to destroy civilization as we have come to know it.
RESOURCES
Please start by looking at this five minute video featuring Hans Rosling - "Visualizing Mortality History." It provides an entertaining view of the progress humans have made over the past 200 years in 200 countries.
We live in a country that is blessed with abundant natural resources. Thanks to the hard work, creative leadership and selfless sacrifice of countless people, we have the luxury to learn, study and experiment here at Duke! In this week's readings, we look at Capitalism not through the eyes of copious consumption, but through the lens of investment in ways that have allowed value to increase.
The readings and links support the view that it has been the disproportionate investment in science, technology and the infrastructure of civilization that has brought us to the current moment.
Science itself has been tremendously fruitful. I would like to suggest that the growth of the human population to over 7 billion is a testimony to our success in reinvesting for value. Humans value life.
As an economic model, capitalism when coupled with investment has been exceedingly beneficial. This section will look at what parts of our past practices have contributed to our well-being today, and which ones are currently working to destroy civilization as we have come to know it.
RESOURCES
Please start by looking at this five minute video featuring Hans Rosling - "Visualizing Mortality History." It provides an entertaining view of the progress humans have made over the past 200 years in 200 countries.
Here is a static picture of actual and projected world population. It is available on Wikipedia and was created by Dr. Loren Cobb. Please notice that between 1800 and 1920 world population doubled, from 1 billion to 2 billion. At about that time, John Maynard Keynes wrote a short essay in which he reflected on the growth of world population and benefits to the world that had accrued thanks to science and the industrial revolution. He observed that there are two classes of economic needs. The first is subsistence needs, and the second is those needs we feel relative to our fellows. The needs in the first class are absolute. Without food, water, shelter and medical care, we tend to die in short order. The second are limitless, because they are aimed at satisfying the desire to be superior. He notes, "...they may indeed be insatiable; for the higher the general level, the higher still are they." |
Next, take a look at this 10 minute TED Talk, also featuring Hans Rosling, on global population growth.
Now consider that we are at a place in human history. The world was different 50, 100, 300 years ago. We might start by asking some questions.
READINGS
To prime the pump, the first reading contains excerpts from Adam Smith's classic work, The Wealth of Nations.
Please read at least the passages that are highlighted in bright yellow. The entire chapters are included in case you want to read the context of the highlighted text.
The second reading from a slim volume entitled The Ethical Chemist. It describes dynamics of the gift economy.
Next, we move to modern times. Joseph Stiglitz of Columbia University published this excerpt from his book, The Price of Inequality, in Vanity Fair Magazine. It is entitled, "The One Percent's Problem."
"Why I Am Leaving Goldman Sachs" tells of a pernicious cultural shift.
Finally, here is the introduction of Thomas Piketty's new book, Capital.
To finish off preparation for class, here is a fun video on the human tendencies to honesty and dishonesty by Dan Ariely. It is also linked through the Fun Fact on Attention and Awareness. Here is a cartoon version - I think I prefer this latter one!
Now consider that we are at a place in human history. The world was different 50, 100, 300 years ago. We might start by asking some questions.
- How has the world changed since the beginning of The Englightment, the so-called dawn of the scientific revolution?
- What is the relationship of the growth of capitalism to advances in science and technology?
READINGS
To prime the pump, the first reading contains excerpts from Adam Smith's classic work, The Wealth of Nations.
Please read at least the passages that are highlighted in bright yellow. The entire chapters are included in case you want to read the context of the highlighted text.
- Do you agree with Adam Smith's reasoning that counting money is a false means of measuring prosperity?
- What do you think of his advise to re-invest profit rather than consume profit?
The second reading from a slim volume entitled The Ethical Chemist. It describes dynamics of the gift economy.
- Do you agree with the view that our extraordinary advances in science and technology have been fueled by the gift economy?
Next, we move to modern times. Joseph Stiglitz of Columbia University published this excerpt from his book, The Price of Inequality, in Vanity Fair Magazine. It is entitled, "The One Percent's Problem."
"Why I Am Leaving Goldman Sachs" tells of a pernicious cultural shift.
Finally, here is the introduction of Thomas Piketty's new book, Capital.
To finish off preparation for class, here is a fun video on the human tendencies to honesty and dishonesty by Dan Ariely. It is also linked through the Fun Fact on Attention and Awareness. Here is a cartoon version - I think I prefer this latter one!